Refinance
Refinancing Should Be aMath Decision.
There is more than one way to refinance a mortgage, and not every option fits every homeowner. We lay the numbers out — rate, payment, costs, and how long it takes to recover them — so the decision is yours to make with full information.
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Run the Numbers First
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Why People Refinance
Four Reasons Homeowners Take Another Look.
Lower Your Rate
If market rates have moved since you closed, a refinance may move your loan to a lower rate.
Change Your Payment
A different rate or term can reshape the monthly principal and interest payment.
Access Equity
A cash-out refinance converts a portion of home equity into loan proceeds, subject to program limits.
Leave an Adjustable Rate
Moving from an ARM to a fixed rate removes future rate adjustments from the picture.
Your Options
Three Refinance Paths to Consider.
VA IRRRL (Streamline)
For homeowners who already have a VA-backed loan and want to move into another VA-backed loan. No cash out is permitted.
See how the IRRRL worksVA Cash-Out Refinance
Used to access equity, and also the path for refinancing a non-VA loan into a VA-backed loan when eligibility allows.
See VA cash-out detailsOther Loan Programs
If a VA refinance isn't the right fit, conventional, FHA, USDA, and Non-QM programs may still be options worth comparing.
Compare loan programsThe Cost Side
Every Refinance Has a Cost.
Costs can be paid upfront or included in the new loan where a program permits it. Either way they belong in the comparison.
Discount Points
Points paid to lower the rate are a real cost. A lower rate with points isn't automatically a lower-cost loan.
Lender Fees
Origination, underwriting, and processing fees vary by lender and belong in every comparison.
VA Funding Fee
VA-backed refinances may carry a funding fee. Exemptions apply to qualifying borrowers.
Third-Party Closing Costs
Title, recording, escrow, and appraisal costs still apply on most refinance transactions.
Before You Sign Anything
Five Questions Worth Answering First.
- 1What is your current rate, payment, and remaining term?
- 2What would the new rate, payment, and term be?
- 3What are the total costs to close the new loan?
- 4How long would it take for the savings to cover those costs?
- 5How long do you realistically expect to keep this home or this loan?
Refinance Questions
Straight Answers onRefinancing.
How soon after closing can I refinance?
Seasoning requirements depend on the program. VA-backed refinances have specific payment history and seasoning rules, and lenders may apply their own additional requirements. We review your note date and payment history before recommending anything.
Does refinancing restart my loan term?
It can. A new 30-year loan resets the clock on amortization even when the rate is lower, which changes the total interest paid over the life of the loan. We show both the monthly figure and the longer-term picture.
Can I refinance a conventional or FHA loan into a VA loan?
Potentially, through a VA cash-out refinance rather than an IRRRL, provided you meet VA eligibility and program requirements. An IRRRL only refinances an existing VA-backed loan.
Will I need a new appraisal?
It depends on the program and the transaction. Some VA streamline refinances may not require a new appraisal, while cash-out refinances generally do. Requirements are situation-specific.
Is refinancing always a good idea?
No. Refinancing has costs, and there are situations where staying put is the better financial decision. We will tell you when the numbers don't support a refinance.
Educational information only. Program terms and requirements are subject to VA, agency, investor, and lender guidelines and to individual qualification. This is not a commitment to lend and is not an offer of a specific rate or term.
See Whether RefinancingActually Helps You.
We'll look at your current loan and tell you honestly if the numbers support a change.